What’s Ahead For Mortgage Rates This Week – September 19, 2016

Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.

Retail Sales Slip as Consumer Prices Inch Up

Retail sales dipped into negative territory in August with a reading of -0.30 percent as compared to expectations of -0.10 percent and July’s reading of +0.10 percent. Retail sales excluding auto sales were better at +0.30 percent. Analysts expected a reading of +0.20 percent based on July’s reading of -0.40 percent. August’s negative reading for retail sales was the first negative report since March.

Inflation fared better than retail sales with August’s Consumer Price Index reading at 0.20 percent. Analysts expected a reading of 0.10 percent; July’s reading was flat. Core Consumer Price Index readings for August are less volatile, as the Core CPI does not include readings for food and energy costs. August’s Core CPI reading was 0.30 percent. A reading of 0.20 percent was expected; July’s reading was 0.10 percent. It appears that inflation is creeping upward, but remains well below the Fed’s target reading of 2.0 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates across the board last week. The average rate for a 30-year fixed rate mortgage rose six basis points to 3.50 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.76 percent and the average rate for a 5/1 adjustable rate mortgage rose one basis point to an average of 2.82 percent. Average discount points were 0.50 for 30 and 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Low mortgage rates have helped home buyers, especially first-time and moderate income buyers, meet affordability challenges. Home prices have risen due to low numbers of available homes and high demand for homes. If mortgage rates continue to rise, fewer buyers will be able to qualify for mortgages and or afford asking prices for available homes.

Next week’s meeting of the Fed’s Federal Open Market Committee is expected to bring news of a Fed decision on raising the target federal funds rate. If the Fed raises its rate, consumer interest rates for mortgages, vehicles and other goods can be expected to increase as well.

Whats Ahead

This week’s economic news includes the NAHB Housing Market Index, Commerce Department reports on housing starts and building permits issued and a Fed Statement at the conclusion of its Federal Open Market Committee meeting on Wednesday. Fed Chair Janet Yellen is also slated to give a press conference after the FOMC statement. The National Association of Realtors will also release a report on sales of previously owned homes.

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169 E Canyon Creek Drive Gilbert, AZ 85295

$899,900
5 Beds
3 Baths
3,593 SqFt
Status Active
MLS # 6736521
Property Type Single Family Residence
Price Type --
Discover this breathtaking residence in Gilbert Commons! This beautifully remodeled home features 4 bedrooms plus a den that can be a 5th bedroom, 3 bathrooms, and a 3-car garage, As you arrive, you'll notice a newly painted exterior and brand-new roof underlayment with warranty. Step inside to be greeted by vaulted ceilings, a grand circular staircase, and stunning new hardwood floors. Custom details are evident throughout the home. To the left of the entrance is a formal dining area with a swing door leading into the newly designed kitchen. This culinary space boasts a massive peninsula, quartz countertops, white shaker cabinets, a tiled backsplash, and stainless steel appliances. Adjacent to the kitchen is the family room a the family room and a hallway leading to the laundry room and a full bath. The den or office is accessed through double doors and the foyer. Upstairs, you'll find a spacious loft and all the bedrooms. The master suite is newly renovated and stunning, featuring a double sink vanity, a large soaking tub, a walk-in shower, a private toilet room, and an expansive walk-in closet. The other three bedrooms are located down the hall, with new flooring throughout the upper level and new tile in the hall bath. The backyard comes with new sprinkler system with new grass seeds along with new rocks. Located just minutes from the vibrant Downtown Gilbert and the south 202, this home is a must-see!

896 W Palo Brea Drive Litchfield Park, AZ 85340

$899,900
4 Beds
3 Baths
2,828 SqFt
Status Active
MLS # 6759723
Property Type Single Family Residence
Price Type --
Set on a peaceful cul-de-sac, this beautiful residence on the 13th green of the Red Course at the Wigwam Resort has been updated with over $200k in improvements! An impeccable courtyard transitions into a sophisticated interior showcasing graceful archways, high ceilings, recessed lighting, and wide-plank floors. Expansive bi-fold glass sliders frame idyllic views across the open-concept layout. The entertainer's kitchen features stainless steel Bertazzoni appliances, upgraded cabinetry with undermount lighting, sleek quartz countertops, and an oversized island. Experience unparalleled comfort in your primary suite with its walk-in wardrobe and stunning ensuite. Enjoy sipping cocktails by the dramatic outdoor fireplace or the backyard fire pit. Come see this incredible haven today!

5328 Rocky Vista Drive Prescott, AZ 86301

$899,900
3 Beds
3 Baths
2,374 SqFt
Status Active
MLS # 6733825
Property Type Single Family Residence
Price Type --
PRICED TO SELL! Magnificent stylish home in sought-after Granite Dells Estates! This 3 bed/2.5 Bath + OFFICE, ''Sunflower floor plan'', has the elegance of modern design influences. The front yard invites you with a calming splash of green turf. Make your way to the main entry through the covered patio with seating area. Enter through the modern paneled front door into the entry vestibule with an immediate view of the open floor plan with vaulted ceilings, wood beams, floor-to-ceiling custom tiled fireplace and massive sun-drenched windows. The incredible chef's kitchen is equipped with a suite of GE Café including; refrigerator/freezer, gas cooktop, dishwasher, and baker's French-door wall oven. The kitchen cabinets are a crisp white with stainless pulls and just the right amount of stylish glass door upper cabinets. There's ample counter space with a huge island, quartz countertops, stylish pendant lights, stainless farm sink, designer backsplash, and walk-in pantry. The flooring throughout the home is luxury polymer plank flooring (no carpet). The primary bedroom is an elegant retreat with ensuite that has quartz counters w/dual sinks, freestanding tub, custom tiled glass shower, and a large walk-in closet. This split floor plan has two guest bedrooms with a hall bath. The laundry hallway includes Samsung washer/dryer, features a drop zone and a powder room. There is added quality with upgraded cabinets, quartz counters, paddle fans, custom tile and plantation shutters throughout. Enjoy the indoor-outdoor living with this Large(.29 Acre) lot that has an oversized paver patio, aqua-glass firepit, relaxing turf areas, and maturing trees. The insulated garage is extra-large with 4 ft extension, and includes wall storage cabinets, ceiling mounted storage and a workbench. Also, includes a whole house water purification system. Granite Dells Estates is enlarging a wonderful community center, complete with pool, tennis, pickle ball, bocce ball court, fitness center, event lawn and community kitchen. Some furniture available for sale on separate bill of sale. This gem in Granite Dells Estates won't last long!

3408 N 81st Street Scottsdale, AZ 85251

$899,900
3 Beds
3 Baths
2,053 SqFt
Status Active
MLS # 6713662
Property Type Single Family Residence
Price Type --
$25,000 PRICE ADJUSTMENT! Sellers are offering concessions to help lower your interest rate! This stunning eco-friendly home boasts 2 luxurious primary suites, ideal for guests or multigenerational living. The chef's kitchen features a quartz waterfall island, double wall ovens, induction cooktop, Thor fridge drawers, beverage center, reverse osmosis and a pantry with pull-out shelves. A glass wall with an automatic screen connects the indoors to the beautiful outdoor space. The backyard oasis has an elevated patio with a custom metal shade structure, gas firepit, and raised metal garden boxes. The front courtyard is equally charming with lush plants and a tranquil fountain. Eco-friendly highlights include owned solar panels, energy-efficient windows, two new AC units and an EV charger.

2056 S Reseda Court Gilbert, AZ 85295

$899,900
5 Beds
2.5 Baths
3,328 SqFt
Status Active Under Contract
MLS # 6737080
Property Type Single Family Residence
Price Type --
Welcome home to this beautifully updated 5 bed 2.5 bath home with a custom resort style pool and backyard. This is certainly the best lot in all of gateway ranch, nestled on a quiet cut de sac, siding a greenbelt and backing a lush park! No detail overlooked in the tasteful updates done throughout this home. Primary bedroom on 1st level with an expansive bathroom, remaining bedrooms upstairs, all with ample closet space. Large kitchen with walk in pantry that opens to a great family room that all look out to the custom backyard. Pool has been added complete with water features and swim up bar and sunken outdoor lounge under the shade of a well kept mature tree. Do not miss out on the rare opportunity to own the home that has it all!

18650 N Thompson Peak Parkway Unit 1016 Scottsdale, AZ 85255

$899,900 - 3Br/2Ba -  for Sale in Dc Ranch: Courtyards At Desert Park, Scottsdale
Open House
$899,900
3 Beds
2 Baths
1,773 SqFt
Status Active
MLS # 6758705
Property Type Townhouse
Price Type --
Best location in the neighborhood! Interior unit with sunny south facing windows. Light, bright, and low maintenance! This charming Villa features a single level split bedroom great-room floor-plan that is ideal for entertaining. Lock and leave behind the secured gates of DC Ranch. Close proximity to community amenities including pool, fitness, tennis, pickleball, and more. The DC Ranch Courtyards at Desert Park is a luxury Santa Barbara inspired development by award winning builder, Camelot Homes. This unit has been freshly painted and is ready for immediate occupancy.

681 N Moon Road Apache Junction, AZ 85119

$899,900 - 3Br/2Ba -  for Sale in Arroyo Vista Estates, Apache Junction
Open House
$899,900
3 Beds
2 Baths
2,450 SqFt
Status Active
MLS # 6676731
Property Type Single Family Residence
Price Type --
Brand new home at Arroyo Vista Estates with 3 Bedrooms plus Den. This acre lot backs to the northeast with unforgettable Superstition Mountain views from the patio! Surrounded by natural desert arroyos, with very low maintenance landscaping, this is the perfect Lock and Leave residence! Approximately 2450 sq feet livable, with a split 4-car garage. Bright open kitchen, Great Room, breakfast room with views, a perfect place to start your day! Designer options include a dramatic front door, 10 ft ceilings throughout, Dusk color cabinets, Bianco Levanto quartz counters, 12x24 matte finish floor tile, fully tiled shower surrounds, pot filler faucet at kitchen stove, and so much more! Front yard landscaping is included.

723 N Moon Road Apache Junction, AZ 85119

$899,900 - 3Br/2Ba -  for Sale in Arroyo Vista Estates, Apache Junction
Open House
$899,900
3 Beds
2 Baths
2,450 SqFt
Status Active
MLS # 6677071
Property Type Single Family Residence
Price Type --
Just completed Quick Move-In home at Arroyo Vista Estates with unforgettable Superstition Mountain views from the patio! Surrounded by natural desert arroyos, with very low maintenance landscaping! Approximately 2450 sq feet livable, with a split 4-car garage. Bright, open kitchens, Great Room, breakfast room with views, a perfect place to start your day! Designer options include 10 ft ceilings throughout, Pecan color cabinets, Pegasus quartz counters, 8x48 wood-look floor tile, fully tiled shower surrounds, pot filler faucet at kitchen stove, and so much more! Welcome to that peaceful, easy feeling you've longed for!

8910 N 83rd Place Scottsdale, AZ 85258

$899,900 - 3Br/2Ba -  for Sale in El Paseo, Scottsdale
Open House
$899,900
3 Beds
2 Baths
2,072 SqFt
Status Active
MLS # 6733888
Property Type Single Family Residence
Price Type --
CURRENT LIST PRICE IS $50,000 UNDER RECENT APPRAISAL PLUS NEW INTERIOR PAINT... Welcome to this exquisite 3-bed, 2-bath home in the highly sought-after McCormick Ranch community. Spanning 2,072 sqft, this beautifully updated home features new windows, interior paint, a new tile roof, new flooring, and more. The spacious interior boasts upgraded granite kitchen countertops and a fully remodeled master bathroom. Enjoy the serene outdoor space on the back patio and enjoy the sparkling pool and spa. The community offers meticulously maintained common areas and is in close proximity to the Scottsdale Greenbelt and 101 freeway. This gem is move-in ready and perfectly located to enjoy all that Scottsdale has to offer!

44814 N 22nd Street New River, AZ 85087

$899,888
3 Beds
2.5 Baths
2,943 SqFt
Status Active
MLS # 6733643
Property Type Single Family Residence
Price Type --
This Exquisite home is Highly Upgraded/Updated w/ Luxurious finishes & features thru-out. The Unique Architecture incorporates a linear design layout w/ dramatic radius walls for a distinctive touch vs the typical Santa Fe Territorial home. It still has an open feeling that makes for great entertaining and gatherings of friends & family. You'll love the Cozy Stacked Stone fireplace in the Great room along w/ the abundance of windows stretching across the back of the home to provide openness to back wrap around PAVERED Patio w/it's structured columns. The great room opens to Dining Area & the Well Planned & appointed GOURMET Kitchen offering GENEROUS storage & WORKSPACE includes a separate Veggie/Prep sink in center ISLAND. Lots of natural light, GRANITE Counters, Custom **(OPEN BLUE LINK) Full Custom Travertine BACKSPLASH, Stainless Appliances, & Stainless /STACKED STONE Vent hood make it beautiful too!! You'll also find ample recessed lighting for a working kitchen along with the Pendant lighting for style, & conveniently the kitchen has it's own separate door to access the patio for serving apart from the door that accesses the patio from the Great room/ Dining room. Guest bedrooms #1 & #2 are located off of the Kitchen hall and are setup with a Jack & Jill bathroom that provides a completely separate Vanity/Sink/personal Storage area for each bedroom. There is also a lavatory and bath/shower room with its own door to offer privacy. Moving to the North Wing of the home you'll enter through Double doors opening to the Tranquil Master Suite. Designed with a radius walls touch & an abundance of windows to the back patio for that natural light & beauty here as well. The Huge Master bath area includes dual sinks, jetted soaking tub, Snail shower with Travertine Surround, SPACIOUS Closet and a Direct Access door to the patio to enjoy your coffee in the morning or to relax before bed while watching the Glorious SUNSETS or maybe getting in some Stargazing. You will also enjoy the convenience of a 3.5 car extended length garage. It has 3 separate electric lift/roll-up doors for convenience, Epoxy coated floors, plentiful lighting, ceiling fans, and an extra 1/2 garage bay for your ATVs, motorcycles, jet skis, or as it is now being used, for a personal gym. There is also the Separate closed space /workroom at the back of the garage that provides a workbench, pegboard tool storage, and built in 3 sided shelving as well as cabinets for storage and organization. The home is ideally located just south of the entrance to the Tonto National Forrest with it's unlimited trails for hiking/horseback riding or/ATV riding. You'll enjoy the Native American ruins, Forts, Petroglyphs and other bits of history and beauty of the surrounding area. The 1.25 acre lot, that this magnificent home is built on provides plenty of useable level land to work with for a casita, RV Garage/Workshop, Pool, or extensive horse setup. There is no floodway/floodplain on the lot. The lot is fully fenced with rich looking but low maintenance White Vinyl rail fencing and full double gates including at the end of the Driveway. The back half includes extra fencing professionally added to make it dog safe/secure. The owner also had 2 horse corrals and a horse shade added at the very back of the property but there has never been horses kept on this lot. He had both electric and water lines run back to them, underground as well, for future use of the corrals. Additional features/upgrades: *Wood Plantation Shutters throughout the home 3 yrs ago *Both Water heaters replaced 2 yrs ago *New Flooring Under 1 yr ago *New $9500 Upgrade to a Silicone Roof for much lower maintenance and lower ongoing costs Under 1 yr ago *New Security System with Cameras. Hard Wired and With Technology for you to monitor them from your phone APP *New Interior and Exterior Painting Under 1 yr ago *Lots of Mature landscaping/trees including a lemon tree at the side of the home.

21254 W Hillcrest Boulevard Buckeye, AZ 85396

$899,500 - 4Br/4Ba -  for Sale in Verrado Highlands District Phase 1, Buckeye
New
$899,500
4 Beds
3.5 Baths
2,762 SqFt
Status Active
MLS # 6762511
Property Type Single Family Residence
Price Type --
This simply gorgeous David Weekley Home located in the coveted Highlands District of Verrado is a Must See! 4 bedroom, 3.5 bathroom, plus den, meticulously designed open floor plan, incredibly upgraded throughout! (See seperate upgrade document) The elegant Chef's kitchen with SS Monogram double oven, 6 burner gas range with professional hood is a focal point of this Beautiful home. And just wait until you see your own private back yard oasis. This gated neighborhood is nestled at the base of the White Tank Mountains, within close proximity to Main Street Verrado and all the community amenities including shopping, dining, golf, workout center, pools, hiking/biking trails and more.

21397 W Hillcrest Boulevard Buckeye, AZ 85396

$899,478
3 Beds
3.5 Baths
2,766 SqFt
Status Active
MLS # 6759769
Property Type Single Family Residence
Price Type --
With 3 beds, 3.5 baths, study, versatile sunroom with vaulted ceiling & 3 car garage, this gorgeous NEW home shows open & bright with 10' flat ceilings, 8' doors, huge ENERGY-EFFICIENT windows & large 12' sliding glass door in the family room. An oversized island in the kitchen offers both space to entertain friends & room for your kids finishing their homework. With EXTENSIVE storage, pendant lighting, hood vent, upgraded cabinets, designer-selected tile backsplash & GE stainless appliances, this gourmet kitchen is a dream come true for any want-to-be chefs. Relaxing is easy on the extended outdoor covered living area or inside the Owner's spa-like bath complete with large walk-in custom-tiled shower, tub, dual sinks and his/her walk-in closets. Upgraded tile, carpet and pad throughout

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